RecNation Storage founder Gary Wojtaszek is seeking to raise $500 million to acquire small RV storage facilities. With the help of Goldman Sachs Group Inc., Wojtaszek plans to raise equity for his new joint venture.
RecNation is an RV and boat storage company offering consignment sales through its licensed RV dealership and RV rentals through an online platform.
Wojtaszek’s goal is to create a national platform for RV and boat storage. Because many RV storage facilities are small family-owned businesses, Bloomberg reported that Wojtaszek plans to buy the properties while boosting returns. More than 11 million U.S. households own RVs, according to an industry trade group, creating ample demand for storage.
“It is not often that you have the ability to discover an untapped market in real estate with the growth and return potential that we have here,” Wojtaszek said. “Plus, this one is super fun.”
RecNation started out when pandemic restrictions forced Wojtaszek and his wife to cancel a European vacation. Instead, the couple bought an Airstream and headed off for a cross-country road trip. Wojtaszek was soon confronted with the challenge of where to store his RV.
Wojtaszek bought his first storage facility in Wylie, Texas. In 2022, he endorsed a joint venture with funds affiliated with Centerbridge Partners. He used the capital to expand RecNation to 70 locations.
Wojtaszek previously founded data-center company CyrusOne and turned the company into a profitable powerhouse. He sold the company to private-equity giant KKR & Co. in 2021 for $15 billion.
“With a data center, you have a big facility, and you are storing people’s computers,” Wojtaszek said. “In this business, I am storing people’s weekend adventures.”
